Oil prices drop on OPEC's output deal, but markets to stay tight | Reuters

Oil prices drop on OPEC's output deal, but markets to stay tight | Reuters:

Oil prices fell on Monday as traders factored in an expected 1 million barrels per day (bpd) output increase in the wake of an Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna last week. 

Despite this, analysts said global oil markets would likely remain relatively tight this year.

Brent crude futures LCOc1 were at $74.25 per barrel at 0636 GMT, down 1.7 percent from their last close.